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International Trade > Introduction to International Trade

Introduction to International Trade

Reasons for Trade


Understanding Production Possibilities
Defining Absolute Advantage
Defining Comparative Advantage
Absolute Advantage Versus Comparative Advantage
Benefits of Specialization
Relationship Between Specialization and Trade

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International Trade > Introduction to International Trade

Reasons for Trade


International trade is the exchange of capital, goods, and services across
international borders or territories.
Each nation should produce goods for which its domestic opportunity costs are
lower than the domestic opportunity costs of other nations and exchange those
goods for products that have higher domestic opportunity costs compared to
other nations.
Benefits of trade include lower prices and better products for consumers,
improved political ties among nations, and efficiency gains for domestic
producers.

International Trade
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-trade-489-12585

International Trade > Introduction to International Trade

Understanding Production Possibilities


The production possibilities curve shows the maximum possible production level
of one commodity for any production level of another, given the existing levels of
the factors of production and the state of technology.
Points outside the production possibilities curve are unattainable with existing
resources and technology if trade does not occur with an external producer.
Without trade, each country consumes only what it produces.However, because
of specialization and trade, the absolute quantity of goods available for
consumption is higher than the quantity that would be available under national
economic self-sufficiency.

Production Possibilities Frontier


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International Trade > Introduction to International Trade

Defining Absolute Advantage


A country that has an absolute advantage can produce a good at lower marginal
cost.
A country with an absolute advantage can sell the good for less than the country
that does not have the absolute advantage.
Absolute advantage differs from comparative advantage, which refers to the
ability to produce specific goods at a lower opportunity cost.

China and Consumer Electronics


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International Trade > Introduction to International Trade

Defining Comparative Advantage


Even if one country has an absolute advantage in the production of all goods, it
can still benefit from trade.
Countries should import goods if the opportunity cost of importing is lower than
the cost of producing them locally.
Specialization according to comparative advantage results in a more efficient
allocation of world resources.A larger quantity of outputs becomes available to
the trading nations.
Competitive advantage is distinct from comparative advantage because it has to
do with distinguishing attributes which are not necessarily related to a lower
opportunity cost.
Comparative Advantage
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omparative-advantage-492-12588

International Trade > Introduction to International Trade

Absolute Advantage Versus Comparative Advantage


The producer that requires a smaller quantity inputs to produce a good is said to
have an absolute advantage in producing that good.
Comparative advantage refers to the ability of a party to produce a particular
good or service at a lower opportunity cost than another.
The existence of a comparative advantage allows both parties to benefit from
trading, because each party will receive a good at a price that is lower than its
opportunity cost of producing that good.

Absolute Advantage
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International Trade > Introduction to International Trade

Benefits of Specialization
Whenever countries have different opportunity costs in production they can
benefit from specialization and trade.
Benefits of specialization include greater economic efficiency, consumer benefits,
and opportunities for growth for competitive sectors.
The disadvantages of specialization include threats to uncompetitive sectors, the
risk of over-specialization, and strategic vulnerability.

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International Trade > Introduction to International Trade

Relationship Between Specialization and Trade


Nations decide whether they should export or import goods based on
comparative advantages.
Generally, nations can consume more by specializing in a good and trading it for
other goods.
When countries decide which country will specialize in which product, the
essential question becomes who could produce the product at a lower
opportunity cost.

Comparative Advantage
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Appendix
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International Trade

Key terms
Absolute advantage The capability to produce more of a given product using less of a given resource than a competing entity.
Absolute advantage The capability to produce more of a given product using less of a given resource than a competing entity.
Autarky National economic self-sufficiency.
comparative advantage The ability of a party to produce a particular good or service at a lower marginal and opportunity cost
over another.
comparative advantage The ability of a party to produce a particular good or service at a lower marginal and opportunity cost
over another.
comparative advantage The ability of a party to produce a particular good or service at a lower marginal and opportunity cost
over another.
comparative advantage The ability of a party to produce a particular good or service at a lower marginal and opportunity cost
over another.
competitive advantage Something that places a company or a person above the competition
Opportunity cost The cost of an opportunity forgone (and the loss of the benefits that could be received from that opportunity);
the most valuable forgone alternative.
Opportunity cost The cost of an opportunity forgone (and the loss of the benefits that could be received from that opportunity);
the most valuable forgone alternative.
Production possibilities frontier A graph that shows the combinations of two commodities that could be produced using the
same total amount of each of the factors of production.

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International Trade

International Trade
Countries benefit from producing goods in which they have comparative advantage and trading them for goods in which other countries have the
comparative advantage.

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International Trade

Production Possibilities Frontier


If production is efficient, the economy can choose between combinations on the PPF.Point X, however, is unattaible with existing resources and
technology if trade does not occur.

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International Trade

Absolute Advantage
Party B has an absolute advantage in producing widgets.It can produce more widgets with the same amount of resources than Party A.

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International Trade

China and Consumer Electronics


Many consumer electronics are manufactured in China.China can produce such goods more efficiently, which gives it an absolute advantage relative to
many countries.

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International Trade

Comparative Advantage
Chiplandia has a comparative advantage in producing computer chips, while Entertainia has a comparative advantage in producing CD players.Both
nations can benefit from trade.

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International Trade

Absolute Advantage
Country A has an absolute advantage in making both food and clothing, but a comparative advantage only in food.

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International Trade

Comparative Advantage
Britain has a comparative advantage in cloth and Portugal in wine.Both countries can benefit from specialization and trading as long as the international
price for each good is less than or equal to the opportunity cost of producing the imported good domestically.

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International Trade

Russia and Gas Exports


In the recent past Russia has specialized in the production and export of natural gas, which it can produce with low opportunity costs.It exports the
natural gas and uses the proceeds to import items which would have higher opportunity costs.

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International Trade

Economies of Scale
As the output increases, the average cost falls (to a point) on the long run average cost curve (LRAC).Countries the specialize can take advantage of
economies of scale and become more efficient.

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International Trade

Comparative Advantage
Tom has the comparative advantage in producing ketchup, while Bob has the comparative advantage in producing mustard.

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International Trade

Which of the following is NOT a benefit from international trade?

A) More choices for consumers

B) Increased comparative advantage

C) Improved returns to investment in research and development

D) Improved resource allocation

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International Trade

Which of the following is NOT a benefit from international trade?

A) More choices for consumers

B) Increased comparative advantage

C) Improved returns to investment in research and development

D) Improved resource allocation

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International Trade

What is the source of the net benefit from international trade?

A) Comparative advantage

B) Technology spillovers

C) Maximization of consumption

D) Efficient levels of investment

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International Trade

What is the source of the net benefit from international trade?

A) Comparative advantage

B) Technology spillovers

C) Maximization of consumption

D) Efficient levels of investment

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International Trade

Imagine Russia exports lumber to Norway. Which of the following


describes the price that Norway pays for this lumber?
A) It is above Russia's and Norway's opportunity cost of producing lumber
B) It is above Russia's and below Norway's opportunity cost of producing
lumber
C) It is below Russia's and Norway's opportunity cost of producing lumber
D) It is below Russia's and above Norway's opportunity cost of producing
lumber

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International Trade

Imagine Russia exports lumber to Norway. Which of the following


describes the price that Norway pays for this lumber?
A) It is above Russia's and Norway's opportunity cost of producing lumber
B) It is above Russia's and below Norway's opportunity cost of producing
lumber
C) It is below Russia's and Norway's opportunity cost of producing lumber
D) It is below Russia's and above Norway's opportunity cost of producing
lumber

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International Trade

Which of these determines the location of the production


possibilities frontier?
A) Level of technology

B) Amount of raw materials available

C) All of these answers

D) Amount of labor available

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International Trade

Which of these determines the location of the production


possibilities frontier?
A) Level of technology

B) Amount of raw materials available

C) All of these answers

D) Amount of labor available

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International Trade

Fill in the blank. The gains from trade enables _______________


the production possibility frontier.
A) Production outside

B) Consumption inside

C) Consumption outside

D) Production inside

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International Trade

Fill in the blank. The gains from trade enables _______________


the production possibility frontier.
A) Production outside

B) Consumption inside

C) Consumption outside

D) Production inside

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International Trade

Complete the sentence with the most suitable pairs of words: (1)
is the only sustainable way to consume outside the PPF curve
and (2) allows us to shift the PPF curve outward in the long run.
A) Efficiency (1); technology (2)

B) Efficiency (1); trade (2)

C) Trade (1); technology (2)

D) Technology (1); efficiency (2)

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International Trade

Complete the sentence with the most suitable pairs of words: (1)
is the only sustainable way to consume outside the PPF curve
and (2) allows us to shift the PPF curve outward in the long run.
A) Efficiency (1); technology (2)

B) Efficiency (1); trade (2)

C) Trade (1); technology (2)

D) Technology (1); efficiency (2)

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International Trade

Imagine Firm A has an absolute advantage in cereal production


over Firm B. If both firms are producing 10 boxes of cereal an
hour, what is true about the marginal cost of the 11th box of
cereal?
A) The marginal cost is lower for firm B than firm A

B) The marginal cost is the same for both firms

C) The marginal cost is not related to absolute advantage

D) The marginal cost is lower for Firm A than Firm B

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International Trade

Imagine Firm A has an absolute advantage in cereal production


over Firm B. If both firms are producing 10 boxes of cereal an
hour, what is true about the marginal cost of the 11th box of
cereal?
A) The marginal cost is lower for firm B than firm A

B) The marginal cost is the same for both firms

C) The marginal cost is not related to absolute advantage

D) The marginal cost is lower for Firm A than Firm B

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International Trade

Country A has a comparative advantage over Country B in the


production of corn if ____________.
A) the opportunity cost of producing corn is lowest in Country A

B) the opportunity cost of producing corn is highest in Country A

C) the marginal cost of producing corn is highest in Country A

D) the marginal cost of producing corn is lowest in Country A

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International Trade

Country A has a comparative advantage over Country B in the


production of corn if ____________.
A) the opportunity cost of producing corn is lowest in Country A

B) the opportunity cost of producing corn is highest in Country A

C) the marginal cost of producing corn is highest in Country A

D) the marginal cost of producing corn is lowest in Country A

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International Trade

Which of the following statements best describes the implications


of comparative advantage?
A) Export goods if they can be produced at a cheaper cost elsewhere
B) Import goods if the opportunity cost of importing is lower than the cost
of producing them locally
C) Import goods if they can be produced elsewhere
D) Export goods if the opportunity cost of exporting is lower than the cost
of producing them locally

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International Trade

Which of the following statements best describes the implications


of comparative advantage?
A) Export goods if they can be produced at a cheaper cost elsewhere
B) Import goods if the opportunity cost of importing is lower than the cost
of producing them locally
C) Import goods if they can be produced elsewhere
D) Export goods if the opportunity cost of exporting is lower than the cost
of producing them locally

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International Trade

Economic efficiency occurs when all trading partners


_____________.
A) have the same level of marginal productivity

B) produce the item that they can sell at the lowest cost

C) specialize in the area(s) where they have a comparative advantage

D) All of these answers

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International Trade

Economic efficiency occurs when all trading partners


_____________.
A) have the same level of marginal productivity

B) produce the item that they can sell at the lowest cost

C) specialize in the area(s) where they have a comparative advantage

D) All of these answers

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International Trade

Fill in the blank. For a country to have a comparative advantage in


producing good A against another country, it should be able to
produce A ______________.
A) With less labor

B) With less capital

C) At a lower opportunity cost

D) At a lower cost

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International Trade

Fill in the blank. For a country to have a comparative advantage in


producing good A against another country, it should be able to
produce A ______________.
A) With less labor

B) With less capital

C) At a lower opportunity cost

D) At a lower cost

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International Trade

There are two goods (bread and shirts) and two factors of
production (labor and capital). Bread is capital-intensive, while
shirts are labor-intensive. Country A is abundant in labor; Country
B is abundant in capital. Under free trade, which is true?
A) Country A will export shirts, while country B will export bread.

B) Country A will export bread, while country B will export shirts.

C) Country A will export both bread and shirts.

D) Country B will export both bread and shirts.

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International Trade

There are two goods (bread and shirts) and two factors of
production (labor and capital). Bread is capital-intensive, while
shirts are labor-intensive. Country A is abundant in labor; Country
B is abundant in capital. Under free trade, which is true?
A) Country A will export shirts, while country B will export bread.

B) Country A will export bread, while country B will export shirts.

C) Country A will export both bread and shirts.

D) Country B will export both bread and shirts.

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International Trade

What is the difference between absolute advantage?


A) A country can have a comparative advantage even if it does not have
an absolute advantage.
B) Absolute advantage is necessary for trade, while comparative
advantage is not.
C) Countries with a comparative advantage must have an absolute
advantage, but not vis versa.
D) None of these answers.

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International Trade

What is the difference between absolute advantage?


A) A country can have a comparative advantage even if it does not have
an absolute advantage.
B) Absolute advantage is necessary for trade, while comparative
advantage is not.
C) Countries with a comparative advantage must have an absolute
advantage, but not vis versa.
D) None of these answers.

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International Trade

Which one of the following is a benefit of specialization?

A) Countries can take advantage of economies of scale.


B) Consumers benefit from lower prices since goods are produced more
efficiently.
C) Countries can trade for the good in which they do not have a
comparative advantage.
D) All of these answers.

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International Trade

Which one of the following is a benefit of specialization?

A) Countries can take advantage of economies of scale.


B) Consumers benefit from lower prices since goods are produced more
efficiently.
C) Countries can trade for the good in which they do not have a
comparative advantage.
D) All of these answers.

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International Trade

What do countries consider when deciding to specialize?

A) Their absolute advantage

B) Their level of economic development

C) Their comparative advantage

D) Their level of efficiency

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International Trade

What do countries consider when deciding to specialize?

A) Their absolute advantage

B) Their level of economic development

C) Their comparative advantage

D) Their level of efficiency

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International Trade

Attribution
Wikispaces. "mreape - UNIT 7 Open EconomY- International Trade and Finance." CC BY-SA
http://mreape.wikispaces.com/UNIT+7+Open+EconomY-+International+Trade+and+Finance
Wikispaces. "McHenry's AP Wiki - International Trade." CC BY-SA https://mchenry.wikispaces.com/International+Trade
Wikibooks. "IB Economics/International Economics/Reasons for trade." CC BY-SA 3.0
https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Reasons_for_trade
Wikipedia. "International trade." CC BY-SA 3.0 https://en.wikipedia.org/wiki/International_trade
Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/comparative-advantage
Wikipedia. "Production possibilities frontier." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Production%20possibilities%20frontier
Wikibooks. "Principles of Economics/Production Possibilities." CC BY-SA 3.0
https://en.wikibooks.org/wiki/Principles_of_Economics/Production_Possibilities
Wikipedia. "Free trade debate." CC BY-SA 3.0
https://en.wikipedia.org/wiki/Free_trade_debate#Production_possibilities_frontiers_and_indifference_curves
Wikipedia. "Productionpossibility frontier." CC BY-SA 3.0
https://en.wikipedia.org/wiki/Production%25E2%2580%2593possibility_frontier
Wikipedia. "Productionpossibility frontier." CC BY-SA 3.0
https://en.wikipedia.org/wiki/Production%25E2%2580%2593possibility_frontier
Wikispaces. "McHenry's AP Wiki - International Trade." CC BY-SA https://mchenry.wikispaces.com/International+Trade
Wikispaces. CC BY-SA http://mallorykearney.wikispaces.com/file/view/MacroCh3.pptx?
Wiktionary. "Autarky." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Autarky
Wikispaces. "econ100-powers-sectionA - Absolute Advantage and Comparative advantage." CC BY-SA
http://econ100-powers-sectiona.wikispaces.com/Absolute+Advantage+and+Comparative+advantage
Wikispaces. "MBAecon - Comparative advantage and trade." CC BY-SA
http://mbaecon.wikispaces.com/Comparative+advantage+and+trade
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International Trade

Wikipedia. "Absolute advantage." CC BY-SA 3.0 https://en.wikipedia.org/wiki/Absolute_advantage


Wiktionary. "Absolute advantage." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Absolute+advantage
Wikipedia. "Competitive advantage." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Competitive_advantage
Wikibooks. "IB Economics/International Economics/Reasons for trade." CC BY-SA 3.0
https://en.wikibooks.org/wiki/IB_Economics/International_Economics/Reasons_for_trade
Wikipedia. "Comparative advantage." CC BY-SA 3.0 https://en.wikipedia.org/wiki/Comparative_advantage
Wikispaces. "McHenry's AP Wiki - International Trade." CC BY-SA https://mchenry.wikispaces.com/International+Trade
Wikispaces. "McHenry's AP Wiki - International Trade." CC BY-SA https://mchenry.wikispaces.com/International+Trade
Wikispaces. "mreape - UNIT 7 Open EconomY- International Trade and Finance." CC BY-SA
http://mreape.wikispaces.com/UNIT+7+Open+EconomY-+International+Trade+and+Finance
Wiktionary. "competitive advantage." CC BY-SA 3.0 http://en.wiktionary.org/wiki/competitive+advantage
Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/comparative-advantage
Wiktionary. "Opportunity cost." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Opportunity+cost
Wikipedia. "Comparative advantage." CC BY-SA 3.0 https://en.wikipedia.org/wiki/Comparative_advantage
Wikispaces. "mrski-apecon-2008 - Chapter 3 - Interdependence and the Gains from Trade." CC BY-SA
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Wikispaces. "mrski-apecon-2008 - Chapter 3 - Interdependence and the Gains from Trade." CC BY-SA
http://mrski-apecon-2008.wikispaces.com/Chapter+3+-+Interdependence+and+the+Gains+from+Trade
Wikispaces. CC BY-SA http://mallorykearney.wikispaces.com/file/view/MacroCh3.pptx?
Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/comparative-advantage
Wiktionary. "Absolute advantage." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Absolute+advantage
Wikipedia. "Comparative advantage." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Comparative_advantage
Wikipedia. "Economies of scale." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Economies_of_scale
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International Trade

Wikispaces. "mrski-apecon-2008 - Chapter 3 Independence and the Gains from Trade." CC BY-SA
http://mrski-apecon-2008.wikispaces.com/Chapter+3+Independence+and+the+Gains+from+Trade
Wikispaces. "McHenry's AP Wiki - International Trade." CC BY-SA http://mchenry.wikispaces.com/International+Trade
Wikispaces. "mrski-apecon-2008 - Chapter 3 - Interdependence and the Gains from Trade." CC BY-SA
http://mrski-apecon-2008.wikispaces.com/Chapter+3+-+Interdependence+and+the+Gains+from+Trade
Wikipedia. "Gains from trade." CC BY-SA 3.0 https://en.wikipedia.org/wiki/Gains_from_trade
Wikispaces. "mrski-apecon-2008 - Chapter 3 - Interdependence and the Gains from Trade." CC BY-SA
http://mrski-apecon-2008.wikispaces.com/Chapter+3+-+Interdependence+and+the+Gains+from+Trade
Wikispaces. CC BY-SA http://mallorykearney.wikispaces.com/file/view/MacroCh3.pptx
Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//business/definition/comparative-advantage
Wikipedia. "Learning." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Learning
Wikispaces. CC BY-SA
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Wikispaces. "mrski-apecon-2008 - Chapter 3 Independence and the Gains from Trade JBS." CC BY-SA
http://mrski-apecon-2008.wikispaces.com/Chapter+3+Independence+and+the+Gains+from+Trade+JBS
Wikispaces. "mrski-apecon-2008 - Chapter 3 - Interdependence and the Gains from Trade." CC BY-SA
http://mrski-apecon-2008.wikispaces.com/Chapter+3+-+Interdependence+and+the+Gains+from+Trade
Wiktionary. "Opportunity cost." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Opportunity+cost

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